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Energy: North Sea emerges as global oil hot spot

For more than a decade, the North Sea’s once-booming oil sector was mired in decline. Against the odds, it has emerged as an unlikely bright spot in today’s stormy global energy industry.

Royal Dutch Shell is planning to spend $US600 million to $US1bn a year in the North Sea in the coming years, while BP expects to double its production there by 2020.

Shell is now focused on maintaining its North Sea output at around 150,000 barrels a day into the late 2020s.

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